Photo: Santeri Viinamäki / Wikimedia Commons (CC BY-SA 4.0)
AppLovin posted a record third quarter Wednesday, with revenue jumping 55% to $2.185 billion and net income climbing 72% to $1.439 billion, the company announced.
The Palo Alto company, whose platform places the ads that pop up between levels of mobile games and inside apps, earned a diluted $4.30 a share, above the roughly $4.03 analysts had projected. Shares initially rose 8% in after-hours trading, according to a 4:07 p.m. ET update from 24/7 Wall St.
The margins stand out. Adjusted EBITDA reached $1.842 billion, an 84% margin, and net income was 66 cents of every revenue dollar. Free cash flow was $1.4 billion for the quarter.
More money for shareholders. The board approved a $3.2 billion increase to the share repurchase authorization, bringing the total to $3.6 billion available as of the end of October. Buybacks reduce the share count, which lifts earnings per share for the investors who hold on.
JBizNews Desk | Palo Alto
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